LONDON, June 21, 2016 /PRNewswire/ -- The global wetsuits market size is expected to reach USD 1.18 billion by 2022, according to a new report by Grand View Research, Inc.
Wetsuit refers to a garment typically prepared from foamed neoprene, which is worn by sailors, divers, surfers, and other individuals engaged in water sports, providing buoyancy, abrasion resistance, and thermal insulation. Various applications of wetsuits include water sports activities such as whitewater rafting, surfing, sailing, diving, and sea rescue operations.
The growth prospects for this market are bullish due to increase in water sports and recreational activities such as surfing, diving, and water skiing. Developing economies have been experiencing a rise in life expectancy. People with better standards of living are more prone to stay active longer and invest in premium quality sports goods.
The rise in the number of women participating actively in water sports has led to a significant increase in the wetsuits demand across the globe. The number of female surf participants across coastal regions has increased considerably over the past few years. Rise in e-commerce, growing demand for women wetsuits, and increased disposable income are projected to drive wetsuits market over the forecast period.
However, increased adoption of dry suits over wet suits owing to benefits such as warmth, safety, added weight, cost of ownership, and versatility in application is presumed to challenge the industry growth.
Further key findings from the report suggest:
Scuba diving accounted for over 30% of the overall market share in 2014 and is poised for considerable growth over the next seven years. Usage in scuba diving application offers waterproof apparels with properties such as breathability and thermal padding.
Surfing application accounted for close to 50% of the overall market share in 2014, and is expected to trigger consistent demand over the forecast period. The surfing industry has grown around the coastline over the past few years. New age development of wave parks and artificial waves, owing to proliferation of technology, is expected to provide significant opportunities for industry growth.
Projected to grow at an estimated CAGR of over 4% from 2015 to 2022, scuba diving application is expected to witness healthy growth. Use of wetsuits in scuba diving provides exposure protection, not only against water's temperature, but also to objects that can scrape, cut or string.
Asia Pacific regional market is poised for high growth throughout the forecast period. It accounted for close to 20% of the overall market share in 2014. Increasing wages in the region have boosted surfing industry revenues as people have enough disposable income to pursue leisurely activities leading to proliferation of wetsuits.
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